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1、Architecture,Engineering and Construction(AEC)Software Sector BriefHarris Williams|2H 20242 AEC Software Sector BriefThe construction industry continues to embrace new technology and digital transformation efforts to improve safety,efficiency,and profitabilityKey Trends in the AEC Software MarketHap

2、pening in AEC Software Right NowData is crucial in modern construction practices,impacting every aspect of the building process,from finding projects to managing clients,as the ability to analyze and act on data in real time transforms how AEC firms approach project pursuit and client engagementData

3、-Driven ParadigmConstruction robots and drones are helping enhance the safety and productivity of job sites by taking over repetitive,labor-intensive tasks,tracking materials and delivery routes,and assisting with site surveys,progress monitoring,and inspectionsRobots and DronesThree-dimensional mod

4、eling is an indispensable part of the AEC industry,and its role is only set to further expand in 2024 as 3D modeling has improved with technology.Cloud platforms are making it easier for smaller firms,not just prominent industry leaders,to access these modelsAdvancements in 3D Modeling and PrintingW

5、earable technologies are becoming increasingly common on the job site.GPS,biometric,and environmental sensors are being outfitted to monitor workers movements,vital signs,and safety conditions as part of broader efforts to capture more data from the job siteWearablesCloud collaboration is becoming m

6、ore stabilized in the AEC sector,eliminating siloed environments and allowing seamless collaboration between different cloud platformsCloud CollaborationAIs application in AEC is multifaceted and changing how industry professionals approach problem-solving and decision-making,as AI algorithms can an

7、alyze vast data sets to predict project outcomes,identify risk factors,and suggest optimal solutionsArtificial Intelligence3 AEC Software Sector BriefBuiltWorlds May 2024Digital transformation has emerged as a key driver of change,revolutionizing how AEC professionals conceive,design,and execute pro

8、jects.Overall,European firms distinguish themselves through their diverse size and activities,collaborative business models,significant market share,strategic focus on sustainability and innovation,and commitment to driving positive change.European Construction is Specialand Why You Should CareGartn

9、er January 2024 The demand for construction softwareincluding construction accounting,construction bid management,construction CRM,construction estimating,construction management,construction scheduling,residential construction estimating is on the rise in the U.S.with a 47%increase in searches.How

10、to Stand Out in Your Category:Buyer Insights for Construction SoftwareMcKinsey&Company April 2024High turnover in the skilled trades poses a serious challenge to the U.S.economybut also an incredible opportunity.Addressing attrition in critical skilled roles could encourage leaders in the manufactur

11、ing and construction industries to think differently about how they invest in human capital and re-excite the next generation on the value of skilled trades.Tradespeople Wanted:The Need for Critical Trade Skills in the U.S.PBC Today March 2024 Cloud storage and collaboration solutions have become an

12、 increasingly normalized part of the AEC industry workings and can help meet new regulatory requirements,such as those of the Cybersecurity Maturity Model Compliance(CMMC)in the United States and the Building Safety Act in the U.K.New Study Finds AEC Firms Using 50%More Cloud Storage than BeforeWhat

13、 Were ReadingRead the full article here.Read the full article here.Read the full article here.Read the full article here.Recent Harris Williams Publications U.S.Presidential Elections,the Economy,and M&A|2024Link to ReadAccess All Harris Williams Insights Here Compliance Technology:Complex Regulatio

14、ns,Increasing Risks Drive Adoption and Growth|Q2 2024Link to Read Sector Brief:Engineering&Construction|Q2 2024Link to Read4 AEC Software Sector BriefRecent HW AEC Software ExperienceNalanda is a best-in-class supply chain risk and compliance management software platform enabling organizations of an

15、y size to embed trust,safety,and compliance at every stage of the supply chain.Nalanda offers a mission-critical product for clients and subcontractors alike,covering key supply chain needs to ensure regulatory compliance of suppliers while streamlining and automating workflows across the constructi

16、on industry and beyond.Company BackgroundThe transaction delivered a successful outcome for Nalanda and PSG.This acquisition by Once For All and GTCR brought together two well-regarded and highly innovative companies,creating a pan-European leader in supplier risk and compliance management offering

17、a broad product suite to their customer base.Successful OutcomeHarris Williams served as financial advisor to Nalanda,a portfolio company of PSG,in this transaction.Harris Williams RoleCompliance and Risk ManagementConstruction SoftwareSupply Chain SoftwareApril 2024Harris Williams Advises NalandaRe

18、levant SubsectorsCompany BackgroundLumion is a leading provider of 3D visualization software for the AEC industry,redefining the architectural design workflow with a best-in-class offering and high-quality content library.Lumions application enables users to visualize their design projects in real-t

19、ime,adding detail,context,and atmosphere to an existing 3D CAD/BIM model,creating hyper-realistic outputs for architects,interior designers,and landscape architects,driving decision-making across the architecture workflow.Successful OutcomeThe transaction will deliver a successful outcome for Lumion

20、.This pending recapitalization by Seven2 will fuel continued momentum in a rapidly expanding market as Lumion embarks on future growth across the architectural workflow,as well as provide Lumion with additional financial resources to execute on external growth opportunities.Harris Williams is servin

21、g as financial advisor to Lumion in this pending transaction.Harris Williams RoleConstruction SoftwareArchitectural Design Software3D Visualization Software July 2024Harris Williams Advises LumionRelevant Subsectors5 AEC Software Sector BriefSelect Recent AEC Software TransactionsApril 23,2024Purcha

22、se Price:HW ConfidentialNalanda Global Acquired by Once For AllNalanda is a provider of supply chain risk and compliance management solutions for the construction and facilities management marketsThe combination of Nalanda and the Once for All platform will create a pan-European leader in supplier r

23、isk and compliance management,offering a broad product suite for the built environmentPSGGTCRByggfakta Taken Private by Stirling Square,TA Associates,and Macquarie CapitalByggfakta is a provider of a diversified portfolio of software and data solutions for the construction sector across Europe and N

24、orth AmericaUpon close of the transaction,Byggfakta will return to the private market,where the consortium of owners will provide their deep domain expertise and incremental capital to support a global inorganic growth strategyMay 3,2024Purchase Price:$340MJune 24,2024Purchase Price:Not DisclosedDat

25、um360 Acquired by AutodeskDatum360 is a provider of a data platform for sharing engineering information and asset management data from the design stage of projects through construction and operationsThe acquisition will provide Autodesk customers further connectivity between model data and other typ

26、es of project data to meet compliance needs,create better designs,and deliver projects more efficiently and cost effectively May 8,2024Purchase Price:Not DisclosedFlashtract Acquired by TrimbleFlashtract is a provider of cloud-based construction billing and payment automation software that streamlin

27、es payments and payment-related workflows between general contractors and subcontractorsFlashtract,now known as Trimble Pay,extends Trimbles construction portfolio by adding construction payment and subcontractor technology to minimize risk and improve efficiency for contractorsPayapps Acquired by A

28、utodeskPayapps is a provider of construction payment and compliance management solutions that help contractors and subcontractors simplify and expedite payment claims while managing payment complianceThe acquisition will expand Autodesks Construction Cloud by adding integrated payment and lien manag

29、ement processes to replace and minimize the burden from complex and manual payment workflows for construction project stakeholdersFebruary 20,2024Purchase Price:$387MIFM GrowthGoCanvas Acquired by NemetschekGoCanvas is a provider of mobile data collection and workflow automation solutions for field

30、workersPost-acquisition,GoCanvas will be integrated into Nemetscheks Bluebeam collaboration platform,further enhancing connectivity and collaboration between field and office workersJuly 2,2024Purchase Price:$770MK16 AEC Software Sector BriefSelect Public Company AEC Software Acquisition ActivityDiv

31、esture(Acquirer)Private Placement/Venture RoundAerial Mapping of COWIMelown Technologies(iFoodDS)Construction Logistics Business(Command Alkon/Thoma Bravo)(Randall Reilly)AcquisitionEAM ServiceManhattan Real Estate&Workplace Solutions(MRI)Source:PitchBookThread Connectivity Device Business(Worldsens

32、ing)Assa Abloy2019202020212022Platform20231H247 AEC Software Sector Brief(30%)(10%)10%30%50%70%90%110%Jun-19Jun-20Jun-21Jun-22Jun-23Jun-24(15%)(10%)(5%)-5%10%15%20%25%Jun-23Sep-23Dec-23Mar-24Jun-24Indexed stock price performance for the period June 2023 June 2024Indexed stock price performance for t

33、he period June 2019 June 2024AEC Public Company Trended Stock PerformancePublic Company Stock Performance Past 12 Months1Public Company Stock Performance 5 Years11.S&P Capital IQ,As of June 30,2024Diversified AECS&P 500Construction SoftwareConstruction SoftwareDiversified AEC Since June 2023S&P 500+

34、22.7%Construction Software+11.9%Diversified AEC+6.9%Since June 2019S&P 500+85.6%Diversified AEC+69.5%Construction Software+37.5%8 AEC Software Sector BriefAEC Public Company Operating and Valuation MetricsMedian EV/LTM RevenueMedian EV/NTM RevenueMedian EV/LTM EBITDAMedian EV/NTM EBITDALTM Revenue G

35、rowthNTM Revenue GrowthLTM EBITDA MarginLTM Rule of 40(Revenue Growth+EBITDA Margin)Public Company Operating Metrics1Public Company Valuation Metrics1Construction SoftwareDiversified AEC1.S&P Capital IQ,As of June 30,202410.3%6.6%26.0%25.1%12.0%6.3%36.3%28.6%10.7x5.8x45.5x21.9x9.6x5.4x34.3x17.0 x9 A

36、EC Software Sector Brief1.U.S.Census Bureau;2.U.S.Dept.of Labor BLS PPI Index for net inputs to new construction,excluding capital investment,labor,and imports(WPUIP231000);3.U.S.Bureau of Labor Statistics;4.OECDGlobal Construction Macroeconomic EnvironmentConstruction Employment3Construction Employ

37、ees(LHS)Avg.Hourly Wage(RHS)(in thousands)Net Inputs to New Construction2Producer Price Index(100=Dec.2014)Total Construction Spending Seasonally Adjusted:Residential1($in millions)Total Construction Spending Seasonally Adjusted:Nonresidential1($in millions)EU Total Construction Starts Seasonally Ad

38、justed4Producer Price Index(100=2015)European Construction Employment Seasonally Adjusted4(in thousands)EU Construction MarketU.S.Construction Market8,5009,0009,50010,00010,500Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022700,000900,0001,100,0001,300,000May-22Nov-22May-23Nov-23May-2

39、4700,000800,000900,0001,000,000May-22Nov-22May-23Nov-23May-24120130140150160Jun-22Dec-22Jun-23Dec-23Jun-24$30.0$35.0$40.07,4007,6007,8008,0008,200Jun-22Dec-22Jun-23Dec-23Jun-24105110115120Sep-21Mar-22Sep-22Mar-23Sep-2310 AEC Software Sector BriefAEC Market Landscape(Overview)DIVERSIFIEDAEC-FOCUSEDPL

40、ANPROJECT DATAINDUSTRY DATACONSTRUCTION FINANCE AND PAYMENTSPROJECT MANAGEMENT/DIVERSIFIED TOOLSBUILDSAFETY AND RISK MANAGEMENTHUMAN CAPITAL MANAGEMENTWORKSITE ACCESSSCHEDULINGFIELD TOOLSBIM AND CADESTIMATING AND TAKEOFFCRM/LEAD GENERATIONBID MANAGEMENTRENDERINGPROJECT INFORMATION AND DOCUMENT MANAG

41、EMENTDATA AND ANALYTICS TOOLSERP PLATFORMSDESIGNTo view full market map,please contact:TechnologyI 11 AEC Software Sector BriefGLOBAL INVESTMENT BANKSylvain NobletTechnology Group D+44 20 7518 8917Priyanka NaithaniTechnology Group Managing D(617)654-2115Erik SzyndlarTechnology Group Managing D(415)2

42、17-3418Michael KimCo-Head of Technology GroupManaging D(415)217-3428Our Technology Group,Energy,Power&Infrastructure Group,and Industrials Group collaborate to advise leading architecture,engineering,and construction software companies worldwide.Learn more about our experience across the built envir

43、onment.Brian TitteringtonTechnology GroupManaging D(415)217-3425Additional ContactsRyan CostaTechnology GroupD(617)654-2120Greg WallerEnergy,Power&Infrastructure GroupManaging D(804)887-6138Thierry MonjauzeCo-Head of Technology GroupManaging D+44 20 7518 8901Julien OussadonTechnology GroupManaging D

44、+44 20 7518 8909Tim WebbHead of Industrials GroupManaging D(804)915-0128 Ty DenoncourtIndustrials Group D(804)887-6136 12 AEC Software Sector BriefHarris Williams Recent Technology Transaction Experience Education TechnologySupply Chain /Logistics TechnologyCompliance /Education TechnologyIT Service

45、sCompliance SoftwareIndustrial SoftwareHealthcare ITCompliance SoftwareSupply Chain/Logistics TechnologyFinancial TechnologyCompliance Software/Property TechnologyLegal Technology/Compliance SolutionsIT/Managed Services HCM TechnologyCompliance SoftwareAerospace and Defense TechnologyIT ServicesIT/M

46、anaged Services Compliance SoftwareEducation/Government TechnologyCustomer Experience SoftwareEducation/Logistics TechnologyCompliance SoftwareLegal TechnologyIT ServicesGovernment TechnologyProperty TechnologyCompliance SoftwareConstruction TechnologyData&Information ServicesSupply Chain /Logistics

47、 TechnologySupply Chain /Logistics TechnologyIT/Managed ServicesCompliance SoftwareIT/Managed ServicesHealthcare ITAutoTech /DataConstruction TechnologyHCM TechnologyConstruction Tehcnology13 AEC Software Sector BriefHarris Williams is a global investment bank specializing in M&A and private capital

48、 advisory services.Clients worldwide rely on us to help unlock value in their business and turn ambitious goals into reality.We approach every engagement with boundless collaboration,pooling expertise and relationships across industries,service offerings,and geographies.GLOBAL INVESTMENT BANKProven

49、ExpertiseCore Values That Drive SuccessDeep Industry ExperienceBoston|Chicago|Cleveland|Frankfurt|London|Minneapolis|New York|Richmond|San Francisco|Washington,D.C.Aerospace,Defense&Government ServicesBusiness ServicesConsumerEnergy,Power&InfrastructureTransportation&LogisticsTechnologyIndustrialsHe

50、althcare&Life SciencesM E R G E R S&A C Q U I S I T I O N SP R I M A R Y F U N DP L A C E M E N TP R I V A T E C A P I T A LS O L U T I O N SRevenue from repeat clients75%Managing Directors promoted from within87%Year history30+14 AEC Software Sector BriefDisclosures and DisclaimersHarris Williams L

51、LC is a registered broker-dealer and member of FINRA and SIPC.Harris Williams&Co.Ltd.is a private limited company incorporated under English law with its registered office at 13th floor,One Angel Court,London EC2R 7HJ,U.K.,registered with the Registrar of Companies for England and Wales(registration

52、 number 07078852).Harris Williams&Co.Ltd.is authorized and regulated by the Financial Conduct Authority,number 5408952.Harris Williams Private Capital Advisory Ltd.is an Appointed Representative of Sturgeon Ventures,LLP,which is authorized and regulated by the Financial Conduct Authority number 4528

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54、AT No.DE321666994.Harris Williams is a trade name under which Harris Williams LLC,Harris Williams&Co.Ltd.,and Harris Williams&Co.Corporate Finance Advisors GmbH conduct business.HW is an affiliate of The PNC Financial Services Group,Inc.,which,together with its subsidiaries and affiliates and their

55、agents(collectively,“PNC”),engages in a broad range of businesses.PNC may have had,and may currently or in the future have,business with or ownership in the company and its related persons,potential parties to the proposed transaction and their related persons,or their competitors,customers,or suppl

56、iers.When HW is engaged to provide adviser services in a transaction,HW is acting only for its client in connection with the proposed transaction.The distribution of this document in certain jurisdictions may be restricted by law,and accordingly,recipients of this document represent that they are ab

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62、vices and Markets Act 2000(Financial Promotion)Order 2005,as amended(the“Order”);(c)high net worth entities and other persons to whom it may otherwise lawfully be communicated falling within Article 49(2)(a)and(d)of the Order;or(d)any other person to whom this document may otherwise lawfully be comm

63、unicated or caused to be communicated(all such persons in b to d together being referred to as“Relevant Persons”).This document must not be acted on or relied on by persons who are not Relevant Persons.In the U.K.,any investment or investment activity to which this document relates is only available

64、 to,and will be engaged with,Relevant Persons.Important DisclosuresAppendix16 AEC Software Sector BriefDateTargetBuyerSubsectorDeal Size($M)Description7/2/2024Residential Project ManagementNAProvider of project management software intended to serve the residential construction industry7/2/2024Docume

65、nt Management$770Provider of mobile data collection and workflow automation solutions for field workers6/24/2024BIM/CADNAProvider of a data platform for sharing engineering information and asset management data from the design stage of projects through construction and operations6/18/2024BIM/CADNAPr

66、ovider of building information modeling(BIM)solutions for the construction industry5/29/2024Project Management/Diversified ToolsNAProvider of project management software for Sage accounts that offers various tools to operate and manage business for small and medium-size contractors5/8/2024Constructi

67、on Finance and PaymentsNAProvider of cloud-based construction billing and payment automation software that streamlines payments and payment-related workflows between general contractors and subcontractors5/3/2024ERPNAProvider of fully integrated data,insights,and software solutions for construction

68、projects and products4/23/2024Supply Chain/Risk ManagementHW Confidential Provider of supply chain risk and compliance management solutions for the construction and facilities management markets4/22/2024Project Management/Diversified ToolsNAProvider of collaboration and construction workflow managem

69、ent solution to improve productivity,safety,quality,and predictability2/29/2024Project Management/Diversified ToolsNAPenta:Provider of enterprise construction software that improves business performance;Struxi:Provider of field management and labor cost management software 2/20/2024Construction Fina

70、nce and Payments$387Provider of construction payment and compliance management solutions that help contractors and subcontractors simplify and expedite payment claims and compliance1/25/2024Project Management/Diversified ToolsNAProvider of a platform that manages and automates operations across the

71、entire horizontal construction environment1/16/2024Design and Simulation$35BProvider of engineering simulation software for a diverse range of end markets1/11/2024Bid ManagementNAProvider of a collaborative bid room environment,where entire estimating team can manage a collection of bid-packagesSele

72、ct Recent M&A ActivitySource:S&P Capital IQBGF InvestmentK1MiTekAddition,Shine CapitalIFM GrowthLGPPSGGTCR17 AEC Software Sector BriefDateTargetLead InvestorSubsectorTotal Raised($M)Description6/27/2024Document Management$16Provider of software for subcontractors,general contractors,and owners to ma

73、nage and communicate change orders in real-time6/18/2024Visual Imagery$15Provider of AI based tools to inspect,identify,and analyze sewer infrastructure defects6/11/2024Equipment Management$30Provider of a fleet management platform offering tracking,emission monitoring,route planning,and financial a

74、nalytics6/1/2024Data and Analytics Tools$11Provider of web-based systems offering inventory management,sales tracking,and customer data management for paint and hardware stores5/29/2024Visual Imagery$25Provider of cloud solutions to help construction companies control the quality and costs of constr

75、uction with a visual interface and smart analytics powered by autonomous UAVs3/21/2024Estimating and Takeoff$12Provider of preconstruction solutions,including estimating,takeoff,and bid management,for builders and general contractors2/21/2024Permitting/Building Codes$31Provider of construction permi

76、t management solution,including permit research,permit preparation and submittals,permit data,and expediting2/15/2024Residential Project Management$54Provider of a SaaS-based ERP homebuilding automation platform that helps to design,plan,and construct homes1/30/2024Supply Chain/Procurement$4Provider

77、 of procurement and subcontract management software1/30/2024Roofing$7.5Provider of aerial imagery software that analyzes roofs for replacement and repair1/18/2024Data and Analytics Tools$8Provides a financial automation platform that streamlines construction payments and purchasesSelect Recent Capit

78、al RaisesSource:S&P Capital IQ18 AEC Software Sector BriefPublic Market Operational and Valuation Metrics1$in ThousandsMarketEnterprise%of 52-WeekLTMLTMEnterprise Value/For ChartsCompanyCapitalizationValueHighGross MarginEBITDA MarginLTM RevenueNTM RevenueLTM EBITDANTM EBITDAConstruction SoftwareAut

79、odesk$53,327,581$53,952,58188.5%91.7%23.2%9.6x8.7x41.2x23.1xBentley Systems15,639,611 16,974,149 86.3%79.5%26.5%13.6x12.2x51.2x34.8xNemetschek11,366,844 11,115,929 93.5%53.9%26.0%11.8x10.5x45.5x33.8xProcore9,702,786 9,034,934 79.6%82.2%NA9.0 x7.6xNM50.5xConstruction Software Median$13,503,227$14,045

80、,03987.4%80.8%26.0%10.7x9.6x45.5x34.3xDiversified AECSchneider Electric$134,496,333$146,815,33493.8%41.8%18.9%3.7x3.5x19.6x16.7xDassault49,692,250 48,515,856 72.2%83.8%25.1%7.5x6.9x29.8x18.8xRoper Technologies60,336,720 67,860,320 99.0%70.0%40.6%10.6x9.6x26.2x23.6xHexagon30,303,620 33,958,815 89.8%6

81、5.2%26.4%5.8x5.4x21.9x14.2xTrimble13,656,090 16,546,690 85.3%64.7%21.1%4.3x4.6x20.5x17.0 xDiversified AEC Median$49,692,250$48,515,85689.8%65.2%25.1%5.8x5.4x21.9x17.0 xComp Set Median$30,303,620$33,958,81588.5%70.0%25.6%9.0 x7.6x28.0 x23.1x1.S&P Capital IQ,As of June 30,202419 AEC Software Sector Br

82、iefPublic Market Operational and Valuation Metrics1$in ThousandsMarketEnterprise%of 52-WeekLTMLTMEnterprise Value/For ChartsCompanyCapitalizationValueHighGross MarginEBITDA MarginLTM RevenueNTM RevenueLTM EBITDANTM EBITDAResidentialD.R.Horton Inc.$46,409,975$50,128,77585.0%25.0%17.6%1.4x1.3x7.7x7.7x

83、Lennar Corp.41,154,909 38,725,917 86.8%24.0%16.0%1.1x1.1x6.8x6.8xNVR Inc.23,775,641 21,959,279 92.4%26.3%20.4%2.2x2.1x10.9x10.2xPulteGroup Inc.23,158,666 24,029,225 89.7%29.7%22.1%1.5x1.4x6.6x6.5xResidential Median$32,465,275$31,377,57188.3%25.6%19.0%1.4x1.4x7.2x7.3xEngineering,Procurement,and Const

84、ructionWSP Global Inc.$19,407,615$22,522,92292.2%19.9%10.6%2.1x2.6x19.8x14.0 xJacobs Solutions Inc.17,493,484 20,893,641 90.4%21.0%8.3%1.2x1.2x14.9x13.2xAECOM11,998,269 13,836,293 89.3%6.6%6.7%0.9x0.8x13.5x12.2xHOCHTIEF Aktiengesellschaft8,558,519 9,577,439 94.9%24.7%2.7%0.3x0.3x11.8x6.7xKBR Inc.8,6

85、12,440 10,323,440 93.4%13.9%8.3%1.5x1.3x17.5x12.2xSkanska AB7,387,549 8,064,959 94.6%7.8%3.5%0.5x0.5x14.9x9.0 xJohn Wood Group PLC1,791,545 2,891,245 97.4%12.0%2.7%0.5x0.5x18.0 x6.3xEP&C Median$8,612,440$10,323,44093.4%13.9%6.7%0.9x0.8x14.9x12.2xEuropean Public-Private PartnershipsVinci SA$59,763,59

86、7$84,661,35381.6%16.8%15.9%1.1x1.1x6.9x6.2xFerrovial SA28,400,576 38,341,993 96.6%86.7%11.7%4.1x3.9x34.8x26.0 xBouygues SA12,123,310 25,617,753 78.3%53.9%7.5%0.4x0.4x5.6x4.9xEiffage SA8,639,214 22,483,583 79.6%82.4%15.4%0.9x0.9x5.9x5.5xEuro Median$20,261,943$31,979,87380.6%68.1%13.6%1.0 x1.0 x6.4x5.8xConstruction Median$17,493,484$22,483,58390.4%24.0%10.6%1.1x1.1x11.8x7.7x1.S&P Capital IQ,As of June 30,2024